Question: Big Apple Realty has decided to acquire a competing realty firm. The competitor firm has assets with a market value of $375,000 and liabilities with

Big Apple Realty has decided to acquire a competing realty firm. The competitor firm has assets with a market value of $375,000 and liabilities with a market value of $110,000, and Big Apple pays $285,000. Use the accounting equation to record the purchase.

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